Getting rid of a loan using 0% credit card 25 June 2019 at 2:08PM edited 30 November -1 at 1:00AM in Loans 6 replies 933 views

DBmoney

I have a loan which I wish to pay off using a 0% credit card. After receiving a settlement figure, the company tell me they can't/ won't accept a credit card payment. 1. Are they within their rights to do this? 2. If they are within their rights to do this, is there a work around?

Thanks in advance.

BoGoF

1. Yes.

2. You should have applied for a 0% money transfer card.

DBmoney

Thanks BoGoF. I haven't actually applied for anything yet. I just had an offer on an existing credit card (currently with a £0 balance) for 30 months at 0%. Thought I might utilize this. I'll look at what you suggest Thank you.

DBmoney

....just checked and it appears that the same credit card are offering me money transfer - 30 months at 0% as well. Transfer fee is .5% higher, but that's not bad. I will save in the long run by doing this.

My existing loan is for 15 years - I didn't realise!! I'll be paying a fortune! Took out the loan about 5 years ago and thought I was coming to the end. I had the shock of my life..... it was one of these point of sale loans - I really should have known better!

Candyapple

DBmoney wrote: »

....just checked and it appears that the same credit card are offering me money transfer - 30 months at 0% as well. Transfer fee is .5% higher, but that's not bad. I will save in the long run by doing this.

That's a good deal for an existing customer. Do you mind naming which card company that is with please?

Clive_Woody

DBmoney wrote: »

....just checked and it appears that the same credit card are offering me money transfer - 30 months at 0% as well. Transfer fee is .5% higher, but that's not bad. I will save in the long run by doing this.

My existing loan is for 15 years - I didn't realise!! I'll be paying a fortune! Took out the loan about 5 years ago and thought I was coming to the end. I had the shock of my life..... it was one of these point of sale loans - I really should have known better!

If the original loan still has 10 yrs left to run, are you going to be able to pay this off in 30 months if you transfer it to a card?

What is the interest rate after the 0% deal ends?

foxy-stoat

DBmoney wrote: »

My existing loan is for 15 years - I didn't realise!! I'll be paying a fortune! Took out the loan about 5 years ago and thought I was coming to the end. I had the shock of my life..... it was one of these point of sale loans - I really should have known better!

Sorry what, how did you not realise it was for 15 years and not 5?

How much is the balance of the loan and how much are you paying a month?